Here, There, and Everywhere Report - November 2026

The massive Democratic sweep we were concerned about, from the market perspective, has arrived. In the long term, the move towards more regulation and higher taxes complicates the US equity bull market. In the short term, it also complicates President Trump's war in Iran. As such, we are short oil, long bonds, and long equities, for the time being. But the AI capex story, which remains strong on fundamental ground, is getting tougher to cheerlead with political headwinds ahead.